210 16Th St Miami, FL 33136

Property Details for 210 16Th St

Year built

1952

Property type

Commercial real estate

Description

This exceptional multifamily investment property, located at 210 NW 16th St in Miami, Florida, 33136, presents a compelling opportunity for savvy investors. Built in 1952, this single-building property comprises six units, offering a mix of layouts to cater to diverse tenant needs. The unit configuration includes two one-bedroom, one-bathroom units and four two-bedroom, one-bathroom units. Several units feature open floor plans with the potential for easy conversion to create additional defined spaces. Individual water and electric meters for each unit significantly reduce operating expenses and simplify utility management. The property benefits from a T5-L zoning designation, which allows for short-term rentals, including Airbnb, expanding rental income possibilities. Situated in the historic Overtown neighborhood, this property is less than ten minutes from the dynamic Downtown Miami and the trendy Wynwood Walls, providing convenient access to major employment centers, cultural attractions, and entertainment venues. The area is experiencing significant redevelopment, with projects like the "Signature Bridge" and "Underdeck" underway, promising increased activity and property value appreciation. The current rental rates offer potential for upward adjustment to market value, further enhancing the investment's return. This property represents a rare chance to acquire a well-positioned multifamily asset in a rapidly evolving Miami neighborhood. The asking price is $2,800,000.